Farmland value analysis and bubble?

Not being in the market for more land, or wanting to sell or rent ours for cropping, i pay less attention than most of you to farmland prices and how they reflect value. This week's Feedstuffs paper has a very concise analysis of the inflation adjusted price of farmland from 1960 to the present.

Given the $400 per acre base at the beginning of the graph, the end value is only triple what it was 52 years ago. It would appear then that most of the " worth" of an acre today is simple effect of inflation, or worth"less"ness of the American dollar.

The second graph in the article compares the fast run-up in land prices just prior to the disastrous fall of 27% in prices, which threw the ag economy into a tailspin in the eighties. Quite a sobering thought, since those numbers were peanuts by today's standards.

Not taking a position on the bubble debate. As the article aptly states, they are only truly visible in the rearview mirrio. Just thought it interesting that the analysis clearly quantified the situation over the timeframe of my cognizant lifespan, and that of the farmer of average age,